JOYNER MARINA 401 Marina St. Carolina Beach, NC 28428

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1 JOYNER MARINA 401 Marina St. Carolina Beach, NC Offering Price: $3,500,000 Kelvin Dumas, CCIM Vice President DIR MOB Colliers International Raleigh-Durham Eastern NC 702 Oberlin Rd. Suite 400 Raleigh, NC JOYNER MARINA COLLIERS INTERNATIONAL P. 1

2 TABLE OF CONTENTS I. PROPERTY OFFERING Property Summary Strengths and Opportunities Photos Site Plan Valuation Analysis II. MARKET OVERVIEW Location Overview Demographics Boating Industry Wilmington, NC Carolina Beach Accolades

3 Property Offering

4 Executive Summary PROPERTY SUMMARY Colliers International Raleigh-Durham is pleased to offer for sale Joyner Marina, which is located in the heart of Carolina Beach, NC and is situated on ±5.58 acres with ±1.5 Acres of uplands and ±4.08 Acres of submerged area. Joyner Marina is being offered for a price of $3,500,000 which is less than half of the tax value. The property consists of 69 wet slips, wooden bulkhead, five metal gang planks, water and electric hookups and two gas pumps, one of which is diesel. In addition, there is a 1,506 SF tackle shop/office with two residential apartments on the second floor. Most notably, Joyner Marina is the only privately-owned marina in Carolina Beach that has a fuel dock. The bulkhead was replaced in and the marina is protected with rock jetty, which is very rare. STRENGTHS AND OPPORTUNITIES As it is the only privately-owned marina in Carolina Beach with a fuel dock, Joyner Marina has incredible upside. For 2015, slip rentals were $131,000 and gas sales were $675,000. It is also unique in that it is a Green Certified Marina with a Certified Clean bottom. A savvy investor can capitalize on these internal strengths and maximize the current opportunities in the market. Due to recent regulations, there are significant barriers to entry for new construction of marinas. In 2015 the Boating Industry generated $35.4 billion in expenditures. North Carolina is the 7th largest boating state in 2015 according to the National Marine Manufacturing Association. CAROLINA BEACH OVERVIEW The property is only a 2-mile walk to Carolina Beach Central Business District which has received numerous accolades. There is a strong seasonal population shift during the summer months, and the Town of Carolina Beach has nearly 2,000 seasonal accommodation units. The peak population, those residing permanently and those visiting at least overnight, was estimated to be anywhere from 8,500 to a high of approximately 14,000 total town population during a typical summer period. An additional 3,600-4,500 day-trippers, those visiting just for one day and not staying overnight, can be expected during a peak summer day. WALKING DISTANCE TO MULTIPLE POINTS OF INTEREST In addition to its proximity to Carolina Beach s Central Business District, Joyner Marina is three blocks from the beach/swimming area which offers: Carolina Beach Fishing Pier, Pleasure Island, surfing, jet skiing, the North End- Freeman Park, Carolina Beach State Park, boating, fishing, scuba diving, island charters, yacht clubs, kayaking, and biking. Beach-goers are also attracted to the area because of Fort Fisher Aquarium and the USS North Carolina Battleship Memorial in Wilmington. JOYNER MARINA COLLIERS INTERNATIONAL P. 4

5 Property Summary > Address: 401 Marina St. Carolina Beach, NC > Acreage: ± 5.58 acres ± 1.5 Acres of uplands; ± 4.08 Acres of submerged area with the fuel docks and marina > Building: 1,506 SF tackle shop/office with a residential apartment on second floor > Zoning: Marina Business District, MB-1 and Residential District, R-1B > Dock & Marina Details: Transient Dock is 237 linear feet (can dock 80 boat) 69 Boat slips; 53 slips are 45 ; 12 slips are 50 ; 2 slips are 41 ; and 2 are 35 Gas and diesel fuel pumps, a waste pump-out station > Laundry and shower facilities > Location: Three block walk to oceanfront/beach/swimming area 2 mile walk to Carolina Beach Central Business District JOYNER MARINA COLLIERS INTERNATIONAL P. 5

6 Strengths and Opportunities Rock jetty protecting marina Only marina in Carolina Beach that has a fuel dock New bulkhead in Green Certified marina Certified Clean bottom Protected with rock jetty, which is very rare Slip rentals for 2015: $131,000 Gas Sales for 2015: $675,000 Due to recent regulations, there are significant barriers to entry for new construction of marinas. JOYNER MARINA COLLIERS INTERNATIONAL P. 6

7 Photos T-Dock Bulkhead JOYNER MARINA COLLIERS INTERNATIONAL P. 7

8 Front of Marina and parking lot Back of Marina: apartment upstairs JOYNER MARINA COLLIERS INTERNATIONAL P. 8

9 Valuation Analysis VALUATION ANALYSIS # of slips Measurement (in linear ft.) Value of each slip Total value of slips 53 slips 45 linear ft. $45,000 $2,385, slips 50 linear ft. $50,000 $600,000 2 slips 41 linear ft. $41,000 $82,000 2 slips 35 linear ft. $35,000 $70,000 Total Value of 69 Wet Slips $3,137, acres $995,000 Additional Value $1,989,000 2 condos, Office, Convenience Store, Laundromat, Shower Stalls, Parking Spaces. Call for more detail. TOTAL VALUE $6,121,000 TAX VALUE $7,567,000 OFFERING PRICE $3,500,000 PROPERTY IMPROVEMENTS: > 69 wet dock slips > Wooden bulkhead, 5 metal gang planks > Water and electric hook ups, two gas pumps, one which is diesel > Wooden walkway leading to the transit dock > A 237 linear foot transit dock located along the Intracoastal Waterway. This dock includes gas, diesel, pump out and electricity service > Gravel parking lot, asphalt parking, wooden bulkhead, two gasoline pumps and a 5,000 gallon diesel above ground gas tank and a 5,000 gallon gasoline above ground gas tank > Brand new floating docks Marina Office > 1,506 SF on two floors > First Floor: 1 interior bathroom, an open shop area, 2 storage rooms and an office area > Exterior laundry room that has a men s and women s restroom, clean shower facility > Second Floor: Residence is broken out into two bedrooms, two bathrooms, a living area, and two kitchen areas > Painted wood walls, vinyl/tile/carpet flooring and fluorescent lighting > 16 Camera security system JOYNER MARINA COLLIERS INTERNATIONAL P. 9

10 Site Plan

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12 Market Overview

13 Location Overview CAROLINA BEACH OVERVIEW Carolina Beach offers an original kind of beach experience from the past combined with a fun, family-friendly spin for today. Visitors can experience a vintage, nationally-recognized seaside boardwalk, live music, miles of beautiful beach, world-class fishing, one-of-a kind festivals and events, and all kinds of people united by good times that are unmistakably Carolina Beach -Visitcarolinabeachnc.com North Pier Ocean Villas Carolina Beach Condos Carolina Beach Ave. Marina St. Waterfront Villas and Yacht Club Carolina Beach Central Business District Carolina Beach Rd. 2 mile walk to Carolina Beach Central Business District which includes: Carolina Beach Boardwalk Carolina Beach Arcade Britt s Donut Shop Deck House Casual Dining Gibby s Dock and Dine Deck House Casual Dining Gibby s Dock & Dine Havana s Hoplite Surf House Shuckin Shack Saint s Cove Beach & Bar Island Hots A&G BBQ & Chicken Ocean Grill Frank s Pizza Silver Dollar Nikki s Gourmet & Sushi Michael s Seafood The Fat Pelican Numerous boutiques & shopping venues 3 blocks from the beach/swimming area where visitors enjoy activities such as: > Carolina Beach Fishing Pier > Pleasure Island > Surfing, Jet ski, The North End-Freeman Park, Carolina Beach State Park, Boating, Fishing, Scuba Diving, Island Charters, Yacht Clubs, Kayaking, Biking > ±44 different lodging accommodations > Southeast King Mackerel Tournament > Carolina Beach Beach Music Festival > Pleasure Island Seafood, Blues & Jazz Festival > Pleasure Island Chowder Cook-Off > Other area attractions Fort Fisher Aquarium - 20 minutes from site USS North Carolina Battleship Memorial in Wilmington JOYNER MARINA COLLIERS INTERNATIONAL P. 13

14 Location Overview PROX I M IT Y TO M A JOR A R EAS OF NC Charlotte Fayetteville Jacksonville Wilmington Carolina Beach SITE Columbia Myrtle Beach 30 mi Joyner Marina is conveniently located on the Intracoastal Waterway at Green Marker 161 and Mile Marker 295 in Carolina Beach, NC. The Marina is only one mile south of the Carolina Beach Inlet and located at Snows Cut, providing easy access to the ocean or Cape Fear River. iver JOYNER MARINA ic Oc Snows Cut SITE Atlan t ar R e Fe Cap ean Carolina Beach Inlet Destination Downtown Wilmington Myrtle Beach Jacksonville Fayetteville Charlotte Raleigh I-40 in Wilmington I-95 in Lumberton I-74 in Lumberton I-85 in Durham I-77 in Charlotte US-70 in New Bern Columbia Greensboro Drive Time 30 min. 2 hours 1.5 hour 2 hours 4 hours 2.25 hours 30 min hour 2 hours 2.75 hours 4 hours 2 hours 3.25 hours 3.5 hours COLLIERS INTERNATIONAL P. 14

15 Demographics 2016 DEMOGRAPHICS RADIUS 1-Mile 3-Mile 5-Mile Total Population 2,706 14,780 27,073 Total Households 1,233 6,329 11,418 HOUSING UNITS RADIUS 1-Mile 3-Mile 5-Mile Total Housing Units 2,298 9,873 16,438 Owner-Occupied 699 4,172 7,571 Vacant 1,065 3,544 5,020 Renter Occupied 534 2,157 3,847 Seasonal Accommodation Units in Carolina Beach: 2,000 HOUSEHOLD INCOME RADIUS 1-Mile 3-Mile 5-Mile Average Household Income $85,132 $77,498 $80,600 Median Household Income $73,464 $63,012 $67,180 Per Capita Income $40,260 $33,324 $34,132 JOYNER MARINA COLLIERS INTERNATIONAL P. 15

16 Demographics POPULATION TREND RADIUS 1-Mile 3-Mile 5-Mile ,480 13,319 24, ,706 14,780 27,073 (Projected) ,913 16,095 29,571 Projected Change 2016 to % 1.72% 1.78% Full Time Residents in Carolina Beach: 6,000 Peak Population in Carolina Beach during summer months: 8,500-14,000 HOUSEHOLD TREND RADIUS 1-Mile 3-Mile 5-Mile ,141 5,768 10, ,233 6,329 11,418 (Projected) ,322 6,854 12,409 Projected Change 2016 to % 1.61% 1.68% JOYNER MARINA COLLIERS INTERNATIONAL P. 16

17 Wilmington, NC MARKET OVERVIEW Nestled between the Cape Fear River and Atlantic Ocean, Wilmington, North Carolina strikes an enviable balance between a casual lifestyle and global business opportunities. Entrepreneurial zeal permeates every facet of the community, giving it the vibrancy of a city of much larger in size, with the ease of living found in a small town. With the state s largest National Register Historic District, Wilmington has a keen sense of tradition and preservation, as well as a need to push beyond the conventional. The city leverages this balance to attract global corporations like GE-Hitachi Nuclear Energy, Verizon Wireless, PPD and Corning. Businesses large and small fall in love with the historic charm, quality of life, big-city amenities and skilled workforce. Wilmington offers a life filled with balance and vibrancy by offering a vast amount of activities including kayaking, antiquing in a refurbished cotton market, golfing on a course designed by Jack Nicklaus, sailing the Atlantic, or working in an ideal community. AREA RECOGNITION Wilmington, NC makes the Relocate America s Top 100 Places to Live in 2010 which focused this year on communities poised for recovery and future growth. One of the 100 Best Arts Town Top 10 Recreation Cities Wilmington, NC makes Forbes magazine Best Places for Business and Careers, March Wilmington ranks #14 in Fortune Small Business Magazine s Best Places to Launch a Business. Coastal Living Magazine names Wilmington a Coastal Dream Town Wilmington NC ranked 7th most fun, affordable city in Bloomberg Businessweek Wilmington NC ranked 6th in Outside Magazine s Best Towns list October 2011; From the magazine, Similar to Charleston: southern charm, a 300-year-old harbor, ample seafood. But what sets Wilmington (pop. 106,500) apart from its genteel South Carolina neighbor is an economy in overdrive not long ago, it was the second-fastestgrowing economy in the U.S. Thanks to EUE Screen Gems, it s also home to the largest motion-picture and television studio outside California. (The local film industry employs some 800 people.) Situated where the Cape Fear River meets the Atlantic, the former military port s recreation options are mostly water-based sea-kayaking, sailing, deep-sea fishing and the biggest party of the year is, naturally, Riverfest, a frenzy of vendors, fireworks, music, athletic competitions, and invading pirates. -Outside Magazine *Source: Wilmington Chamber of Commerce; Outside magazine JOYNER MARINA COLLIERS INTERNATIONAL P. 17

18 Carolina Beach Accolades USA TODAY 10Best.com - Carolina Beach Boardwalk was voted as one of the top 5 boardwalks (#3) in the U.S. by USA TODAY s 10Best Readers Choice poll (June 2016 Carolina Beach Boardwalk Dallas Morning News (April 2016) includes Carolina Beach State Park among its list of Five State Parks that Should Go National Purewow.com includes Britt s Donuts as North Carolina s pick for The Best Doughnut Shop in Every Single State (Because We Had to Know) (May 2016 MarinaLife.com (May 2016) rated Carolina Beach #4 among its list of Top 12 Anchorages, citing its perfect anchorage with multiple marinas, mooring field, easy shore access, and proximity to the beach. The town was also described as an attractive little beach town with access to the Cape Fear River TripAdvisor.com includes Carolina Beach among its list of Affordable Winter Hidden Gems (January 2016). With a ranking of 4.29 out of 5, TripAdvisor calls this a no brainer. FoxNews.com ranks the newly renovated Carolina Beach Boardwalk #1 among America s Best Boardwalks (July 2015) Carolina Beach professional surfer Tony Silvagni placed #5 in the world at the 2015 WSL World Longboard Championships, held in China in December Silvagni owns and operates Tony Silvagni Surf School in Carolina Beach Tripping.com includes Carolina Beach and Kure Beach among its list of 10 Best Beaches in North Carolina (Summer, 2015) Source: Wilmington and Beaches CVB JOYNER MARINA COLLIERS INTERNATIONAL P. 18

19 JOYNER MARINA 401 Marina St. Carolina Beach, NC FOR MORE INFORMATION, PLEASE CONTACT: Kelvin Dumas, CCIM Vice President DIR MOB Colliers International 702 Oberlin Road Suite 400 Raleigh, NC